Ty Everett ([email protected])
In one view of Bitcoin, only spendable output scripts with satoshis attached constitute valid Bitcoin tokens, because Bitcoin tokens are UTXOs. Since traditional BRC-18 scripts are not compatible with this view, we propose a methodology for creating OP_RETURN scripts that are spendable and contain satoshis. This provides a way for software to automatically convert non-compliant OP_RETURNs into proper Bitcoin tokens while encouraging developers to consider the spendability constraints that govern their tokens.
Bitcoin is a token system, and as such, every output should be spendable and have value in satoshis. This fundamental principle ensures that Bitcoin remains a secure and reliable system that can be trusted by users around the world. However, traditional BRC-18 scripts, employing the OP_FALSE OP_RETURN pattern, are not compatible with this view.
OP_FALSE OP_RETURN outputs are non-spendable and carry no value, which means they cannot be considered tokens under this definition. This creates a problem for developers who want to store data on the blockchain using OP_RETURN, as it goes against the basic principles of the Bitcoin token system.
To address this issue, we propose a new methodology for creating OP_RETURN scripts that are spendable and contain satoshis. This provides a way for software to automatically convert non-compliant OP_RETURNs into proper Bitcoin tokens while encouraging developers to consider the spendability constraints that govern their tokens.
By adding the cost of one single satoshi and the fully-open spendability constraints to OP_RETURN outputs, developers will be encouraged to consider the actual constraints that govern their tokens. This will drive them towards script patterns that protect what their tokens represent and promote a more robust and secure token system for Bitcoin.
This standard offers a solution that maintains the fundamental principles of the Bitcoin token system while providing a practical way for developers to store data on the blockchain using OP_RETURN. By adopting this methodology, we can ensure that Bitcoin remains a secure and reliable system that can be trusted by users worldwide.
We specify the same script template as BRC-18, except that instead of OP_FALSE being the first opcode, it is replaced with OP_TRUE. We also stipulate that at least one satoshi must be locked in the output.
For example:
.lock
TRUE RETURN
<data1>
<data2>
<data3>Because BRC-18 implementers did not define the constraints under which their Bitcoin tokens would be unlocked, we have defined a fully-open system in which anyone can redeem these tokens. If implementers see this as a problem, they should consider being cognisant of the mechanisms that define the spendability constraints of their Bitcoin outputs.